Background on SQUARE /AFTERPAY deal, page-15

The acquisition of Afterpay by square inc was very well timed I think. It's clear now with Mastercard entering the fray, offering BNPL, as well as other big players like PayPal et al that this sector is fast becoming competitive. The next part of the equation is going to be squeeze on margins for other bnpl providers to out do each other. The only winners are going to be the shop owners and customers. But from a bnpl business perspective, it's going to get ugly I think. Not to mention hike in interest rates looming in the background as well, potentially adding to margin pressure.

I also think square inc overpaid for afterpay. Time will tell I suppose. But given how sharply square inc shares have fallen now and is approaching the offer price, will be interesting to see afterpay share price reaction.